Solar stock skyrockets 13% after reporting 110% YoY increase in net profit

Synopsis: Waaree Renewable posted strong Q4 growth driven by higher execution, rising order inflows, and strong sector demand, supported by a large order book and improving profitability across operations.

The shares of this small cap company majorly engaged in the business of generation of power through renewable energy also provides consultancy services jumped over 13 percent after posting strong Q4 results. 

With the market capitalization of Rs. 12,034 Crores, the shares of Waaree Renewable Technologies Ltd reached an intraday high of Rs. 1202 per share raising over 13 percent from its previous day closing of Rs. 1,060 per share and is trading at a P/E of 25.2 whereas industry P/E stands at 27.6 

Financial Performance

The company reported Q4 revenue of Rs. 1,102.40 crore, marking a sharp 131.31 percent  YoY increase from Rs. 476.58 crore. For the full year FY26, revenue stood at Rs. 3,331.42 crore, reflecting a 108.51 percent  YoY growth from FY25 revenue of 1,597.75 Crores, indicating a significant scale-up in business operations.

EBITDA for Q4 came in at Rs. 206.82 crore, registering a 63.71 percent  YoY growth compared to Rs. 126.33 crore. For FY26, EBITDA was Rs. 641.10 crore, up 106.21 percent  YoY from FY25 EBITDA  of 310.90 Crores, reflecting that profitability has grown in line with revenue expansion. 

The company reported Q4 PAT of Rs. 155.72 crore, which is a 66.08 percent  YoY increase from Rs. 93.77 crore. For the full year FY25, PAT stood at Rs. 478.65 crore, showing a 109.09 percent  YoY growth from FY25 PAT of Rs. 228.92 Crores,indicating strong earnings supported by higher execution and operating performance. 

Order Book and Execution Visibility

Waaree Renewable reported an unexecuted order book of 2.83 GWp, which provides revenue visibility for the next 12–15 months. This order book gives clarity on near-term execution and supports sustained growth going forward.

Order Inflows and Pipeline

The company maintained a strong growth outlook with a bidding pipeline exceeding 36 GWp, indicating a large opportunity base. During the period, it secured multiple orders including 420 MWp, 35 MWp, and 14 MWp ground mounted solar  projects, which will contribute to future revenue.

Industry Growth Supporting Demand

India’s renewable energy capacity has crossed 274 GW, with solar emerging as the dominant contributor at over 150 GW. During FY26, solar additions increased sharply to around 44 GW compared to about 24 GW in FY25. This strong pace of expansion meant solar accounted for nearly 82 percent  of total renewable capacity additions, making it the key driver of growth in the sector.

Expansion and Execution-led Performance

The company has also indicated expansion into battery energy storage systems (BESS) and data centres, which can provide additional growth opportunities alongside its core EPC business.

Management highlighted that disciplined execution has been a key driver of growth. The consistent rise in revenue and profitability, both on a YoY and QoQ basis, reflects the company’s ability to execute projects efficiently and scale operations. 

Conclusion

Overall, the strong Q4 performance reflects Waaree Renewable’s ability to scale execution in line with a growing order book and favourable sector demand. The combination of a 2.83 GWp order backlog, continuous order inflows, and strong solar capacity additions in India has directly supported the 131 percent  revenue growth. With clear execution visibility and a large bidding pipeline, the company remains well placed to sustain this growth momentum in the near term.

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